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January 23, 2015
Immediate attention required - Financial Requirements Section 12 - Additional increases in required minimum security deposit for forex transactions
As you know, on Jan. 21, 2015, NFA's Executive Committee exercised its authority under NFA Financial Requirements Section 12 and increased, until further notice, the minimum security deposits required to be collected and maintained by FDMs under Section 12 for transactions involving the Swiss franc (5%), Swedish krona (3%) and Norwegian krone (3%). At the time of those increases, NFA alerted FDMs that NFA was continuing to monitor market conditions and that the Executive Committee could decide to make additional increases to these or other currencies if market conditions warranted. Given the continued volatility in the foreign currency markets, the Executive Committee has determined to increase the minimum security deposits required to be collected and maintained by FDMs under Section 12 as follows:
Japanese yen - 3%
Australian dollar - 3%
Russian ruble - 20%
Brazilian real - 9%
Mexican peso - 6%
These increases become effective at 5 p.m. (EST) on Monday, Jan. 26, 2015 and will remain in effect until further notice.
If you have any questions on these requirements, please contact Valerie O'Malley, Director, Compliance (firstname.lastname@example.org or 312-781-1290) or Rachel Brandenburg, Senior Manager, Compliance (email@example.com or 312-781-1472).